Online Banking Definition

Almost anything you can do at a traditional bank or credit union location you can accomplish online starting with opening an account.

Online banking definition. Online banking allows a user to execute financial transactions via the internet. The internet banking definition is comprised of two types of online banking services. The first is the kind where a brick and mortar bank allows their customers to access their account information online instead of having to go to their bank s local branch.

The process or activity of managing bank accounts or operating as a bank over the internet. Online banking through traditional banks enable customers to perform all routine transactions such as. Online banking refers to banking services where depositors can manage more aspects of their accounts over the internet rather than visiting a branch or using the telephone.

Online banking typically is comprised of a secure connection to banking information through the depositor s home computer or another device. The system that allows you to put in or take out money from a bank account by using the internet. Online banking also known as internet banking or web banking is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution s website.

The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking. Some online banks are traditional banks which also offer online banking while others are online only and have no physical presence.